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List of the Best Banks in South Africa

List of the Best Banks in South Africa

Best Banks in South Africa
Best Banks in South Africa


Which Are the Big 5 Banks in South Africa?

Here are the five largest banks in South Africa based on their total assets as of 2021:

Rank Bank Total Assets (ZAR)
1 Standard Bank Over ZAR 2.4 trillion
2 FirstRand Limited Over ZAR 2.2 trillion
3 Absa Group Over ZAR 1.7 trillion
4 Nedbank Group Over ZAR 1.4 trillion
5 Investec Group Over ZAR 800 billion

Best Investment Banks in South Africa

Here’s a comparison table highlighting key aspects of the mentioned investment banks in South Africa:

Investment Bank Strengths Services Offered
Rand Merchant Bank (RMB) Strong research capabilities, innovation Corporate and investment banking
Standard Bank Group Comprehensive investment banking services Advisory services
Absa CIB Strong client relationships Debt and equity capital markets
Investec Bank Specialization in corporate finance Corporate finance
Nedbank CIB Wide range of corporate finance services Debt capital markets
  1. Absa Bank Limited
  2. Absa Capital LimitedA
  3. African Alliance LimitedA
  4. African Investment Advisory
  5. BNP Paribas South Africa
  6. Bridge Capital Group Limited
  7. Circle Capital Group Limited
  8. Citibank South Africa
  9. Deloitte & Touche Corporate Finance
  10. Edward Nathan Sonnenbergs Inc.
  11. FirstRand Bank Limited
  12. IQUAD Group Limited
  13. Mellenthin & Co.
  14. Merchant West Holdings (Pty) Ltd
  15. Nodus Group Holdings (Pty) Ltd
  16. Novitas Capital Advisors Proprietary Limited
  17. Rencap Securities (Pty) Limited
  18. The Standard Bank of South Africa Limited

Which Bank Is the Best in South Africa?

Standard Bank Group is one of the largest and best financial institutions in South Africa and has a significant presence across the African continent. Here are some factual details about Standard Bank Group:

Overview: Standard Bank Group is headquartered in Johannesburg, South Africa. It was founded in 1862 and has since grown into one of Africa’s leading banking and financial services organizations.

Awards and Recognition: Standard Bank Group has received numerous awards and recognition for its banking and financial services, including accolades for its digital offerings, customer service, and corporate social responsibility efforts.

  1. Best Bank in Africa Award
  2. Digital Banking Innovation Awards
  3. Sustainable Finance Awards
  4. Corporate Social Responsibility Awards
  5. Customer Service Awards
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Bank with Best Interest Rates in South Africa

Determining the bank with the best interest rates in South Africa can depend on various factors such as the type of account, deposit term, and current market conditions. Interest rates can fluctuate over time, so it’s advisable to compare rates from multiple banks and consider individual banking needs.

# Bank Min Age Min Deposit Nominal Effective
Access Bank Plc
18 R500 11.6% 12.24%
SA Retail Bonds
18 R1k 11.75% 12.1%
Access Bank Plc
18 R500 10.7% 11.24%
55 R100k 10.5% 11.02%
18 R1 10.48% 11%

Which Banks Support Paypal in South Africa

You have the flexibility to transfer your PayPal funds to any bank account in South Africa, including popular banks like Standard Bank, Nedbank, ABSA, and others. It’s a simple process that involves linking your South African bank account to PayPal, as explained in detail here. Once linked, you can easily initiate withdrawals from PayPal to your South African bank account, allowing you convenient access to your funds.


5 of the Best Business Banks in South Africa

A business account is a type of bank account specifically designed for businesses and organizations to manage their financial transactions. It provides various features and services tailored to meet the specific needs of businesses, including:

  1. Transactional Capabilities
  2. Separate Legal Entity
  3. Multiple Signatories
  4. Merchant Services
  5. Business-specific Tools and Services
  6. Online Banking and Reporting

Nedbank Business Account: Nedbank offers a range of business banking solutions, including transactional accounts, business loans, merchant services, and cash management solutions. They provide tailored packages for different business sizes and sectors.

Standard Bank Business Account: Standard Bank offers comprehensive business banking services, including business accounts, loans, trade finance, and cash management solutions. They cater to various business needs and provide online banking and mobile app facilities for convenience.

Absa Business Account: Absa provides a range of business banking solutions, such as business accounts, credit facilities, merchant services, and business insurance. They offer industry-specific packages and support for different business sizes.

FNB (First National Bank) Business Account: FNB offers a variety of business banking products and services, including business accounts, loans, investment options, and specialized business tools. They provide digital banking solutions and value-added services for business owners.

Capitec Bank Business Account: Capitec Bank offers simplified and affordable business banking solutions. They provide business accounts, business loans, and merchant services. Their offerings are known for their transparency and competitive pricing.

Which Bank Is the Best in South Africa For?

Capitec Bank, with its customer base exceeding 14 million, has established itself as a renowned bank in South Africa for its affordability and customer-centric approach. The bank’s Global One account stands out with its straightforward fee system and a comprehensive set of features designed to meet the diverse needs of customers.

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Which Bank Is Best for Foreigners in South Africa?

Are you a foreign national looking to open a bank account in South Africa? If so, the FNB non-resident account might be the ideal solution for you. Widely recognized as one of the leading non-resident account options in the country, the FNB non-resident account offers a range of benefits tailored to meet the needs of individuals like yourself.

Which International Banks Are in South Africa?

Foreign-controlled banks
  • Al Baraka Banking Group.
  • Habib Overseas Bank Limited.
  • Habib Bank AG Zurich.
  • Access Bank South Africa.
  • Standard Chartered Bank South Africa
  • Citibank South Africa
  • Barclays Bank (Absa Group) – Majority ownership by Barclays PLC (United Kingdom)
  • Societe Generale South Africa – Majority ownership by Societe Generale (France)
  • Deutsche Bank South Africa – Majority ownership by Deutsche Bank AG (Germany)
  • JP Morgan Chase Bank South Africa – Majority ownership by JPMorgan Chase & Co. (United States)
  • Bank of China Johannesburg Branch – Controlled by Bank of China (China)
  • China Construction Bank Johannesburg Branch – Controlled by China Construction Bank Corporation (China)
  • Industrial and Commercial Bank of China (ICBC) Johannesburg Branch – Controlled by Industrial and Commercial Bank of China Limited (China)

Can I Open a Bank Account in South Africa from the Uk?

Yes, as a non-resident, you can open a bank account in South Africa even if you are located in the UK. South African banks offer non-resident bank accounts that cater to the needs of individuals living abroad. The specific requirements and procedures may vary between banks, so it’s advisable to contact the bank of your choice directly to inquire about their account opening process for non-residents.

Do We Have Barclays Bank in South Africa?

With a rich history of over a century, Barclays takes pride in its dedicated service to Africa, and our unwavering commitment remains strong. In order to provide continuous support to our valued South African clients, we have recently established an office in Johannesburg. From this strategic location, we offer a comprehensive range of offshore private, investment, and corporate banking solutions, showcasing our expertise in meeting the diverse financial needs of our clients.

Does Hsbc Operate in South Africa?

Yes, HSBC does have a presence in South Africa! The Hongkong and Shanghai Banking Corporation Limited (HSBC), which is based in Hong Kong, operates a branch in Johannesburg. You can find their offices at 85 Maude Street, 2 Exchange Square, Sandton, 2196, South Africa. It’s worth noting that this branch is an authorized Financial Services Provider under licence number 43940, regulated by the Financial Sector Conduct Authority (FSCA). If you’re looking to engage with HSBC’s services in South Africa, you can reach out to their Johannesburg branch for further assistance.

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Are Foreign Banks Allowed in South Africa?

Yes, foreign banks are allowed to operate in South Africa. The South African banking sector has a regulatory framework that permits the presence of foreign banks in the country. These foreign banks may establish branches or subsidiaries, subject to compliance with the regulations set by the South African Reserve Bank (SARB) and other relevant authorities. Foreign banks operating in South Africa contribute to the diversity and competition within the banking industry, providing a range of financial services to both individuals and businesses.v

Can I Use My Barclays Card in South Africa?

Absolutely! You can conveniently use your debit card in numerous shops and ATMs worldwide, as long as you spot the Visa sign. For more detailed information on using your cards abroad, you can refer to the guidelines provided by your bank. It’s important to note that when you use your debit card for purchases, cash withdrawals, or refunds while abroad, a Non-Sterling Transaction Fee of 2.99% will be charged. This fee covers the currency conversion and related services provided by your bank during international transactions.

What Happened to Barclays Bank in South Africa?

In 2018, Barclays Bank Plc held a 14.9 percent ownership stake in Absa Group Limited. During that time, Barclays Africa made an announcement in March 2018, stating that the group would revert to its previous name, Absa Group Limited, starting from 30 May 2018. As part of this transition, the company underwent a comprehensive rebranding process, which included the introduction of a new logo and slogans to reflect the updated identity of Absa Group Limited.

What Is the Most Expensive Bank in South Africa?

Below are the salary requirements for the most expensive accounts in South Africa:

Bank Annual salary needed Monthly salary needed
Discovery Purple >R2.5 million > R208 000
Nedbank Private Wealth >R2 million >R166 666
FNB Private Wealth R1 800 000 R150 000
Standard Bank Signature Banking R1 104 000 R92 000
Investec Private Banking R800 000 R66 600
RMB Private Fusion Account R750 000 R62 500
Absa Private Banking R750 000 R62 500
Average R1 386 285 R115 466


Which Bank Is Best for Foreign Exchange in South Africa?

For the sixth consecutive year, FNB has received recognition as the Best Foreign Exchange Provider in South Africa. This prestigious accolade was bestowed upon them in the annual World’s Best Foreign Exchange Provider awards, organized by Global Finance Magazine. FNB’s consistent excellence in the foreign exchange domain has earned them this esteemed title, highlighting their commitment to delivering exceptional foreign exchange services to their customers in South Africa.

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